Stryker holds sites key to transforming Old Town Fort Collins

The community-focused philanthropist's real estate adviser says the guiding rule is to be a good citizen.

Feb. 23, 2013

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Billionaire Pat Stryker is both a community-focused philanthropist and a developer whose Old Town Fort Collins real estate holdings give her the power to transform how downtown will look and feel for decades to come.

Stryker’s companies own several large parcels of land in the downtown area, including the now-defunct Armadillo restaurant site across from her flagship Mountain Avenue headquarters building.

Also held by Stryker’s Bohemian Companies is the old Steele’s Market site at Mountain Avenue and Howes Street, and three large parcels near New Belgium Brewing Co.’s site north of the Poudre River.

Bohemian controls multiple College Avenue properties near Laurel Street and the building housing Austin’s American Grill at College and Mountain. Additionally, the company holds a large parcel near Timberline and Prospect roads and another large parcel east of Interstate 25 on Mulberry Street. Bohemian acquired the parcels piecemeal over the years, and the scope of the holdings has never before been publicly reported.

“I’m glad those parcels are in her hands,” said Ed Stoner, a former city mayor who runs Old Town Square Properties. “I don’t think making money for her is priority — doing what’s best for downtown is.”

Stryker and Bohemian are perhaps best known locally for philanthropy, supporting everything from after-school programs to the food bank, domestic violence shelters and homelessness prevention as well as the annual Bohemian Nights at NewWestFest music festival. But the land holdings offer Bohemian and Stryker the opportunity to make concrete, visible changes to the city.

Stryker’s real estate adviser, Stuart MacMillan, said Bohemian acquired the properties as part of the company’s overall commitment to improving Old Town. He said some buildings were purchased for Bohemian office space or music-event planning. Stryker was unavailable for comment.

“Like many other companies in the community, we see Fort Collins not only as our place of business but as our hometown. If we can make a positive impact through our real estate investments and developments, we feel obligated to do so and are excited by the opportunity,” MacMillan said in an email interview. “Our guiding principle is to be a good citizen, and we want to pursue high-quality projects that better downtown Fort Collins and create a positive impact.”

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One of the biggest projects envisioned by Stryker’s Bohemian Foundation, which is legally separate from the for-profit Bohemian Cos., was a 2,500-seat music venue on what’s commonly known as the Oxbow property next to New Belgium. Bohemian developed significant plans for the project in the mid-2000s, even holding neighborhood meetings to hear feedback.

But facing criticism from some residents of the nearby Buckingham neighborhood, Bohemian first scaled back and then, in 2009, shelved plans for the venue, citing the flagging economy. Bohemian spent more than $5 million to acquire those properties, which it still owns.

Realtor Mike Jensen, who has sold several pieces of property to Bohemian, said Stryker’s personal interest in helping create and foster the city’s music scene may ultimately have more impact than “sticks and bricks” projects. Jensen, of Fort Collins Real Estate, said he hopes Bohemian will move forward with the music venue project. He said the venue would help cement the city’s growing reputation for music and culture.

“That’s something you can’t take away, once you build in that culture, build in that music,” he said. “She’s done great things to date, and I expect even more in the future.”

As an example, Jensen pointed to the Bohemian headquarters, which he called a “masterpiece” — the flagship Mitchell Block building in Old Town, feet away from the site of the annual Bohemian Nights at NewWestFest that Stryker has spent millions to produce. The $7 million four-story LEED Gold building at 262 E. Mountain Ave. was completed in 2009.

Jensen sold Bohemian some of the land needed to build the Mitchell Block. He said he lacked the resources to assemble the series of parcels Bohemian ultimately put together for that project. In 2011, Bohemian bought the nearby Armory property at 314 E. Mountain Ave. in Old Town for $2.4 million.

Since 2005, Bohemian has owned the old Steele’s site on the southwest corner of west Mountain Avenue and south Howes Street.

The previous owners of that property had proposed high-rise condos for the site but withdrew the plan for 170 lofts in the face of neighborhood opposition. Bohemian paid $4 million for the property and hasn’t done anything on the site since buying it, save removing the old grocery store. MacMillan said the Steele’s site is being used for parking for nearby OtterBox and St. Joseph’s Catholic Church, ensuring the property remains useful while development plans mature.

“Like many other property owners, businesses and people who care about this community, we seek to preserve Old Town’s unique vibe and cultural experience with an eye toward economic development,” MacMillan said. “The future economic development of Old Town is important to us, and we want to support that as a general business practice.”

Stoner said a large-scale residential project on that Steele’s site might prove the catalyst needed to get other big projects moving. He said Old Town needs the continued vibrancy that comes from people living, working and socializing in the area. But like many other area real estate experts, Stoner said Stryker isn’t driven by the need to turn a quick buck. That means Bohemian will act when ready and won’t be pushed into meeting anyone else’s expectations.

“She has holding power. She’s not going to rush to judgment. Any project has to make sense for her, and for the community, and the community comes first,” Stoner said.